Notice of Establishment of Two New Companies Through Company Split

Elms United Future Medical Research Institute Co., Ltd. (Headquarters: Minato-ku, Takanawa, Tokyo; Representative Director and President: Hiroyuki Arakawa; hereinafter "EUI") announces that it has established two new companies through a company split, effective July 7, 2026, as detailed below.

Under its "One Medicine Platform" concept, which connects veterinary medicine and human medicine, EUI has promoted business through two pillars: advanced medical research in collaboration with industry and academia, including the University of Tokyo Hospital and the AIM Medical Research Institute, and the clinical foundation of its 10 directly managed hospitals. With the full transition to the commercialization phase, EUI will spin off its feline strategic clinic business and AI development business into separate, independent companies to enhance management agility and specialization.

1. Overview of the Split

(1) Watashino Neko no Clinic Co., Ltd.

EUI's feline strategic clinic business will be succeeded by the newly established company, Watashino Neko no Clinic Co., Ltd., through a new company establishment split (split-type split). This split is a so-called equity split, where the shares of the new company will be delivered to EUI's shareholders in proportion to their shareholdings. Therefore, the new company will launch as an independent company (sister company) with common shareholders with EUI. It will inherit the research results and clinical knowledge accumulated by EUI through industry-academia collaboration in the field of feline kidney disease and develop it as a feline strategic clinic business.

(2) AI Medico Co., Ltd.

EUI's AI-related business will be succeeded by the newly established company, AI Medico Co., Ltd., through a simplified new company establishment split (spin-off split). This split is a spin-off split, and the new company will launch as a wholly-owned subsidiary of EUI, with EUI holding all of its shares.

2. About Elms United Future Medical Research Institute Co., Ltd.

(1) Philosophy and Mission

Since its establishment in 2020, Elms United Future Medical Research Institute Co., Ltd. has advocated the philosophy of "One Medicine, One Health." This is the concept of bridging veterinary and human medicine by first implementing advanced medical treatments in veterinary care and then applying the results to human medicine.

In the pharmaceutical industry, it takes over 20 years and enormous costs for promising research seeds to reach the market as actual treatments, and many are lost in the "valley of death" of drug discovery research. EUI has built a unique scheme to overcome this valley through clinical trials and studies in animal medicine, and has been advancing as a research and development platform to address unmet medical needs for which effective treatments do not yet exist.

With a mission to deliver research results originating in Japan to the world, EUI has accumulated industry-academia collaborations with leading universities and research institutions in Japan, including the University of Tokyo Hospital, Keio University School of Medicine, and the AIM Medical Research Institute. The two companies established this time have been newly created to implement the results of EUI's research foundation into society.

(2) Research Activities and Major Research Achievements

EUI has promoted various joint research projects spanning both veterinary and human medicine. Major research achievements are as follows:

iPS Cell Research

Joint research has been conducted with the University of Tokyo Hospital since 2015 and with Keio University School of Medicine since 2018 to promote iPS cell research in regenerative medicine. EUI has accumulated academic knowledge by working on research such as "research to turn human tumor cells into iPS cells for therapeutic purposes" and "establishment of canine iPS cells using Sendai virus." EUI will continue to advance research on the practical application of animal iPS cells and regenerative medicine using iPS cells.

Human Medical Devices

- Systems

Using the "OPPA method," a patent originating from Wakayama University held by the company, EUI is engaged in research and development of a lung capacity measurement system through chest motion measurement in collaboration with the University of Tokyo Hospital. Unlike conventional spirometers (lung capacity meters) that require blowing into the nose or mouth, this is a new method that non-contactly measures thoracic movement using light. Its major feature is that it can be used to measure patients who find it difficult to blow directly, such as the elderly, children, and bedridden patients. Research began in January 2025 with the Department of Respiratory Medicine at the University of Tokyo Hospital, and EUI aims to develop a practical, simplified measurement system with a view to its widespread adoption in medical facilities nationwide in the future, while also working on the development of medical devices and systems in the field of human medicine.

AIM Research

Since 2022, EUI has been conducting AIM drug discovery research for chronic kidney disease, a fatal disease in cats, in collaboration with Dr. Toru Miyazaki, Representative Director and President of the AIM Medical Research Institute (formerly Professor at the Graduate School of Medicine, the University of Tokyo), as the only joint research partner among animal hospital groups. An AIM research room was established within Elms Animal Medical Center Yahatanayama, the central hub, and a testing system necessary for clinical trials was built. This setup, made possible by having a clinical business, has allowed for progress in both research and clinical practice.

These research activities are being conducted in conjunction with the accumulated clinical data from EUI's 10 directly managed hospitals, creating a virtuous cycle of research and clinical practice.

(3) Clinical Business

EUI operates 10 directly managed hospitals (eug.jp), centered around Elms Animal Medical Center and United Animal Hospital, which serve as the clinical foundation for advanced medical research as affiliated research hospitals. These directly managed hospitals include Elms Animal Medical Center Yahatanayama and Lalaport Kashiwanoha, which serve as central hubs for advanced medical care equipped with high-precision medical equipment such as CT and MRI. United Animal Hospitals are structured so that each hospital provides community-based small animal clinical services. Furthermore, the Koka Koen Home Visit Clinic provides home-visit care, and the Amami Oshima Remote Island Animal Clinic has been providing remote medical services since its first consultation in 2022, covering not only Amami Oshima but also secondary remote islands that are medically underserved, addressing the challenges of areas with limited veterinary care. Each hospital performs its daily clinical duties according to its respective role. The group has one of the largest scales among animal hospital groups nationwide, and the clinical data accumulated daily at these sites forms the foundation supporting EUI's research and development.

(4) "Doctor of the Earth" Business (Conservation of the Global Environment and Ecosystems)

EUI's business scope extends beyond human and animal medicine. Under the banner of "Doctor of the Earth," EUI is also engaged in initiatives to maintain the health of the global environment and ecosystems.

1 Wildlife Conservation

As part of its CSR/CSV activities, EUI has been involved in the "Save the RED LIST Project" (savetheredlist.com) aimed at protecting endangered species. As the first initiative, EUI produced and distributed awareness films in collaboration with local residents and the local government of Amami Oshima, focusing on the protection of the Amami black rabbit, an endangered species endemic to Japan. EUI has also continued activities to broaden understanding of rare species and their habitats, including forums and exhibitions held at various locations with the support of the Ministry of the Environment, the University of Tokyo, Horokanai Town in Hokkaido, and the Suma Aqualife Park in Kobe.

In addition, EUI is engaged in public awareness activities for wildlife conservation targeting tourists and local communities, such as preventing roadkill and feeding stray cats. EUI has also collaborated with organizations and research institutions engaged in wildlife conservation in various regions, including the Raptor Medicine Research Institute and the Stork Wetland Network. Along with addressing the challenges of areas with limited veterinary care based at the Amami Oshima Remote Island Animal Clinic, EUI will continue to value efforts to protect the local natural environment and living creatures.

2 Nature-Coexisting and Pet-Coexisting Accommodation and Facilities

EUI is working to create accommodation and facilities that coexist with nature and allow guests to stay with their pets, both inside and outside national parks. By creating spaces where people and pets can stay comfortably amidst rich nature, EUI aims to balance the conservation of the natural environment with the promotion of regional tourism, fostering a better relationship between people, animals, and nature.

3 Exploration of Sustainable Alternative Fuels

EUI is researching energy solutions that do not rely on fossil fuels. This initiative is also linked to the revitalization of regions such as Amami and Yoron Island, aiming to achieve environmental conservation and sustainable regional development by leveraging local resources and climate. EUI will draw a model for future energy and lifestyles from remote islands.

In this way, EUI will contribute to the future by extending the power of science cultivated in the medical field to the health of people, animals, and the Earth.

(5) Company Overview

▷ Elms United Future Medical Research Institute Co., Ltd.

▷ History

▷ Executive Profiles

Hiroyuki Arakawa, Representative Director and President / Doctor of Veterinary Medicine

Graduated from the Department of Veterinary Medicine, Faculty of Agriculture, the University of Tokyo, and completed graduate studies at the Graduate School of Agricultural and Life Sciences, the University of Tokyo. After engaging in pharmacological research for drug discovery at Fujisawa Pharmaceutical Co., Ltd. (now Astellas Pharma Inc.), he gained clinical experience at the University of Tokyo Animal Medical Center and other institutions, and served as director of private animal hospitals. After joining the Elms United Animal Hospital Group, he became Representative Director in 2021 and Director of the Advanced Medical Research Institute in 2023. As the principal researcher for the AIM joint research with Dr. Toru Miyazaki, he leads research on feline kidney disease. He also serves concurrently as Representative Director of AI Medico Co., Ltd. and Director of Watashino Neko no Clinic Co., Ltd.

Akihito Sakamoto, Director, Chief of Staff Office & New Frontiers Division

Graduated from the Department of Forest Science, Faculty of Agriculture, the University of Tokyo. He was involved in policy-making at the Ministry of Land, Infrastructure, Transport and Tourism and the Ministry of the Environment, including disaster recovery, national parks, island development, wildlife protection, and revisions to the City Green Space Act. He became a director of the company in 2025 and is responsible for new business development as Chief of Staff Office & New Frontiers Division. He also serves concurrently as Representative Director and President of Watashino Neko no Clinic Co., Ltd. and Director of AI Medico Co., Ltd.

Yuko Touma, Director, Business Operations Division / Veterinarian

Graduated from the Department of Veterinary Medicine, School of Veterinary Medicine, Kitasato University. She worked as a clinical veterinarian at animal hospitals in various locations and served as director of United Matsudo Kimura Animal Hospital and Elms Animal Medical Center Kashiwanoha. She has advanced joint research on AIM with Arakawa and possesses deep knowledge of AIM's clinical applications. She also serves concurrently as Director of Watashino Neko no Clinic Co., Ltd.

Julia Usuda, Director (Public Relations & Branding)

Graduated from the Department of Media Studies, Faculty of Sociology, Doshisha University. After working as an announcer for Ishikawa TV Broadcasting, she served as a caster for Kansai TV Broadcasting's "Hodo Runner" and other programs. She became a director of the company in 2026 and is responsible for public relations and branding.

Michio Ikeda, Outside Director

After graduating from the Faculty of Economics, the University of Tokyo, he joined NEC Corporation. After working at Chogin Research Institute, Inc. and Sony Life Insurance Co., Ltd., he became a director at KPMG Healthcare Japan Co., Ltd. in 2003. He founded IMC Co., Ltd. and also became Representative Director of the Japan Medical Management Research Association. Based on his extensive experience in management in the medical and healthcare fields, he supervises the company's management as an outside director.

Hidefumi Ishida, Auditor

Graduated from the Faculty of Engineering, the University of Tokyo, and completed a master's program at the Graduate School of Engineering, the University of Tokyo. After working in the programming, production, and news departments at Fuji Television Network, Inc., he became an auditor of the company in 2024.

Nobuo Sasaki, Advisor

After graduating from the Department of Veterinary Medicine, Faculty of Agriculture, the University of Tokyo, he was appointed as an assistant at the Department of Veterinary Surgery, the University of Tokyo. From 1993, he served as a professor at the University of Tokyo, and from 2006, as Director of the University of Tokyo Animal Medical Center. During this period, he also served as a visiting professor at various institutions, including the University of California, Los Angeles, the University of Zambia, Cornell University, Kasetsart University in Thailand, and Kurashiki University of Science and the Arts. He currently serves as an advisor to the company, providing advice based on his extensive knowledge of veterinary medicine both domestically and internationally.

Junichi Maisumi, Advisor

Graduated from the Department of Industrial Management, Faculty of Science and Engineering, Waseda University. He held positions such as IT Strategy Department Manager and Representative Director and President of NEC Information Systems, Ltd. at NEC Corporation. He provides advice on company management based on his extensive knowledge of corporate management and IT.

3. Background and Objectives of the Split

EUI has been conducting research utilizing the clinical foundation of its 10 directly managed hospitals as a hub for advanced medical research, including research on iPS cells and the OPPA method. In particular, regarding AIM research, since 2022, EUI has been promoting academic joint research with Dr. Toru Miyazaki (Representative Director and President of AIM Medical Research Institute), a former professor at the University of Tokyo's Graduate School of Medicine, as the sole joint research partner among animal hospital groups, and has been advancing research on AIM for feline chronic kidney disease.

As a result, EUI's Arakawa and Touma participated as co-authors in a paper written by Dr. Miyazaki. The paper was published in the British academic journal "The Veterinary Journal" in January 2026, demonstrating that AIM administration extended the survival period of cats with chronic kidney disease. In April 2026, an application for manufacturing and marketing approval as an animal drug was submitted to the Ministry of Agriculture, Forestry and Fisheries by a drug discovery company founded by Dr. Miyazaki, marking a significant advancement of AIM from the research to the commercialization stage.

Furthermore, through this research, EUI developed a heightened awareness of the challenges associated with feline chronic kidney disease. Kidney disease and other kidney/urinary tract disorders account for approximately 40% of cat deaths and are the biggest challenge for cats and their owners. However, many primary care clinics do not have advanced medical equipment such as CT scanners. Consequently, it is possible that conditions other than chronic kidney disease are being diagnosed as such. Even if an excellent therapeutic drug for chronic kidney disease were available, its effectiveness might not be fully realized if the treatment is not administered to the appropriate patients. Based on these observations, EUI has identified the need to establish definitive diagnostic methods for chronic kidney disease.

In light of these circumstances, EUI is implementing this split to enhance the specialization and agility of its business operations, accelerate business growth, and further focus on its function as a One Medicine Platform.

4. Company Overviews

▷ Watashino Neko no Clinic Co., Ltd.

Representative

Akihito Sakamoto, Representative Director and President*

(*Concurrent position at EUI and AI Medico)

Officers

Tomoo Ozawa, Director and CTO

(Concurrent Representative of Animal Hospital Headline News and WebSquare)

【Profile】

Mr. Ozawa is the representative of Animal Hospital Headline News Co., Ltd., which operates AHHD News (ahhd.jp), a veterinary-related media network with 11,000 hospitals out of 12,000 nationwide. He is also the representative of WebSquare Co., Ltd., which operates E-Animal Hospital (e-animaljob.com), a recruitment support service with 1,000 veterinarians and 3,000 animal care nurses registered. With over 20 years of experience in IT, including software development for the veterinary field, he oversees the VETech business of the company.

Yuko Touma, Director*

Hiroyuki Arakawa, Director*

*See EUI section for profiles.

Establishment

July 7, 2026

Head Office Location

6-2-27 Nakanoshima, Kita-ku, Osaka

(Planned relocation to Takanawa after the Takanawa clinic opens)

Capital

12,368,000 yen

Issued Shares

154,600 shares

Shareholders

Shareholders of EUI (shares delivered in proportion to their shareholdings through a split-type split)

Business Activities

- Operation of feline strategic clinics (clinical business)

- DX in the veterinary field (VETech business), etc.

Clinical Hospitals

Takanawa Clinic: Scheduled to open in November 2026

Nara Clinic: Scheduled to open in March 2027

Official Website

https://nekono-clinic.jp

The number of cat owners is increasing, with cat ownership now exceeding that of dogs, reaching approximately 10 million cats nationwide. Cats are living longer, and the era demands more meticulous and precise care for them as family members. The role of animals in supporting human mental and physical health is gaining attention, and the demand for Animal-Assisted Therapy (AAT) and Animal-Assisted Education (AAE) is growing annually. The presence of companion animals, including cats, is becoming increasingly significant in human lives.

Cats are sensitive to environmental changes, and visiting the clinic can be stressful for them. Many cats have to live with chronic illnesses. Kidney disease, as mentioned earlier, is the biggest challenge for cats and their owners. However, there are still few hospitals that can provide specialized diagnosis and treatment for various diseases, including kidney disease, in cats. Watashino Neko no Clinic aims to implement the research results in the field of feline kidney disease, cultivated through industry-academia collaboration with the University of Tokyo Hospital and the AIM Medical Research Institute, into clinical practice. Starting with the first clinic scheduled to open in November 2026 in Takanawa Gateway, Tokyo, and the second clinic in the Kansai region, the clinic will expand nationwide, aiming to establish a new standard in feline medicine with a view to the commercialization of new AIM drugs.

Furthermore, the company will engage in the VETech business, providing integrated systems to support veterinary hospital operations and serving as the digital infrastructure for veterinary medicine.

Based on the knowledge gained during EUI's AIM research, Watashino Neko no Clinic will leverage data analysis from its clinical and VETech businesses to address feline kidney disease, the biggest enemy for cats. The company will challenge itself in areas such as prevention, early detection, definitive diagnosis, and elucidation of the onset mechanism of kidney disease, thereby contributing to the improvement of animal health and the peace of mind of their owners.

▷ AI Medico Co., Ltd.

In recent years, advancements in data science and AI are transforming the medical field.

AI Medico will inherit the expertise in medical system development, including the lung capacity measurement system using the OPPA method, which EUI is developing in collaboration with the Department of Respiratory Medicine at the University of Tokyo Hospital. The company will deploy next-generation medical solutions by integrating clinical data with AI technology for diagnostic support and data analysis. AI Medico will engage in joint research with universities and research institutions for AI applications in the medical field, including AI-based image diagnosis and analysis of clinical data, genomes, and biomarkers.

Furthermore, Ryohei Takeuchi, a medical student at the University of Tokyo's School of Medicine who is also involved in AI and data science, will join AI Medico as a director. With an interest in the combination of medical knowledge and data science, he will leverage his perspective, which bridges both medicine and AI, to realize the company's philosophy of implementing research results into society, not just remaining at the research stage.

5. Future Outlook

Elms United Future Medical Research Institute Co., Ltd., under the philosophy of "One Medicine, One Health," has accumulated research through industry-academia collaboration and clinical practice at its directly managed hospitals, aiming to bridge veterinary and human medicine. This company split represents a new challenge to implement the research results cultivated thus far into society.

EUI as a One Medicine Platform, Watashino Neko no Clinic specializing in feline kidney disease, and AI Medico challenging the fusion of medicine and AI. By leveraging their respective strengths and growing, they will achieve a seamless integration from research to clinical practice and social implementation.

The future we envision lies beyond solving individual diseases such as feline kidney disease. It involves expanding the circle of health from knowledge gained in animal medicine to human medicine, and from humans to the Earth, addressing unmet needs one by one.

Elms United Future Medical Research Institute and the two new companies will continue to take on challenges for the future of cats and their families, as well as for people and the planet, delivering research results originating in Japan to society and the world.

[Contact Information]

Elms United Future Medical Research Institute Co., Ltd.

Director (Public Relations) Julia Usuda

Email: [email protected]

HP: https://elms-united.jp